Transparency Market Research (TMR) recently published a market research report that elucidates the vendor landscape of the global market for wireless charging ICS.
Witnessing the huge market potential, several new players have entered
the global market for wireless charging ICs over the past decade. It is
expected that the entry of new players into the global market will
prompt a counter response from the existing players. This response could
take the shape of better and more innovative strategies, introduction
new product lines, or expansion of geographical reach. Although the
current competitive landscape of the global wireless charging IC market
is largely consolidated, it is expected to undergo progressive
fragmentation over the forthcoming years.
The current market players in the global
wireless charging IC market have been making coordinated efforts to
strengthen their position in the market. On the other hand, the new
entrants in the global market for wireless charging IC are projected to
form strategic alliances in order to strengthen their position in the
market.
The global market for wireless charging
IC is expected to grow at a boisterous CAGR of 24.54% over the period
between 2016 and 2024, according to a report by Transparency Market
Research (TMR). The global market was valued at US$1.43 bn in 2015, and
is expected to touch a stellar value of US$10.14 bn by 2024-end. Asia
Pacific has emerged as the leading regional segment of the global
wireless charging IC market while receiver ICs have outdone the
transmitter ICs in terms of demand.
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In the contemporary times, portable
consumer electronics have become an important part of the lives of
people. This is expected to propel demand within the global market for
wireless charging IC in the cotemporary times. Furthermore, travel for
several business-related and leisure purposes have also led to an
increased demand for wireless charging ICs. It is expected that the
growth of the consumer electronics segment will give a push to the
growth of the global market for wireless charging IC.
Smart watches and smart phones witnessed
unprecedented levels of demand in recent times. People from all classes
and backgrounds are necessarily using these electronics for their daily
recourse. This is expected to give a push to the demand for wireless
charging ICs in the forthcoming years.
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